Geo Energy Resources Limited has announced a proposed placement of up to 35 million new ordinary shares at a price of S$0.425 each, aiming to raise approximately S$14.875m. The agreement, signed on 4 March 2026 with KGI Securities (Singapore) Pte Ltd as the placement agent, is set to bolster the company’s capital structure and broaden its shareholder base.
The placement price represents a 4.49% discount to the volume-weighted average price of S$0.445 per share on 3 March 2026, the last full trading day before the agreement. The new shares will account for about 2.05% of the company’s existing share capital and 2.01% of the enlarged share capital post-placement.
The placement is not underwritten and will be conducted under exemptions in the Securities and Futures Act of Singapore, meaning no prospectus will be lodged with the Singapore Exchange (SGX) or the Monetary Authority of Singapore. The shares will not be offered to directors, substantial shareholders, or interested persons unless exempted under SGX rules.
The net proceeds, estimated at S$14.3m after expenses, will be used entirely for working capital purposes. Geo Energy Resources will provide updates on the use of funds in its financial statements and annual reports. Pending deployment, the proceeds may be temporarily invested in short-term financial instruments.
The placement is subject to SGX approval and other conditions outlined in the agreement. Completion will occur once these conditions are met, and the company will announce the listing of the new shares in due course.
